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contributed more than half in the surplus. The second item raised by Stan Cunningham related to the recommendations of the Pension and Benefits Committee. He felt left out in the dark without any report to the membership. Bill Phillips responded that he would prepare a written report for circulation.
Editor's Note: In the meantime the Faculty Association Contract Committee's recommendations to the membership as it relates to Retirees Pension and Benefits became available which are published on page 6.
Changes to Green Shield Plan - Update
Effective January 1, 1998, the plan has been improved to provide coverage for the following items under Extended Health Services.
1. Glucose monitors - limited to one every three (3) years.
2. Lancets and strips to be used in conjunction with the glucose monitors, as prescribed by your family physician.
In order to qualify for this additional service, members will be required to provide Green Shield with a physician's certificate attesting to their having diabetes. This is required for the initial purchase of the Glucometer and strips. Thereafter, normal practices for prescription renewal should be followed. All diabetic claims should be sent to the attention of Shelley Award at the local Green Shield Office for reimbursements.
3.Cost of Green Shield Benefits are expected to increase approximately 3%. Negotiations are underway to lessen the increase. Note should be made that the coverage of diabetic monitoring devices have not contributed to the increase. Ms. Powley also states that some of the Health Care issues will be dealt in the next negotiations.
Update for Faculty Retirees on Pension & Benefits
1. As of December 1997 the rate of return was in the area of 2%. This was greatly influenced by the Asian markets and their impact on market trends. We expect the next six months to show a marked improvement.
2. The Pension Committee of the Board which monitors the performance of the Fund Managers dismissed
Gryphon's as Fund Manager. The Committee decided to award a portion of the fund's assets to three new Managers and re-align the distribution of the fund's total assets in the following manner.
i) Foyston, Gordon & Payne $ 75,000,000
ii) Phillips, Hager & North $ 75,000,000
iii) Connor, Clark & Lunn $ 75,000,000
iv) Scepture $ Balance
The estimated fund balance is in the neighborhood of $ 350,000,000 and is expected to reach $ 400,000,000 in the very near future. By splitting the assets now, diversification is provided which it is hoped will protect all members' future interests.
President Kumar's Message
I was pleased to see an excellent turnout of members for the Spring General Meeting on March 12, 1998. As you will read later in the newsletter our Association will now award two Bursaries of $ 1,000 each in the Fall. My congratulations to John LaGaipa for arranging a successful Social Evening and Dinner. My thanks to the Faculty Association Council and Executive for giving us the opportunity to make a presentation and put forward two motions which were approved.
Retirees' Bursaries Awards in Fall 1998
Bill Phillips and Cormac Smith taking the cue from the Spring General Meeting advised the Awards Office to set up two Retiree Bursaries of $ 1,000 each, the first ones to be tenable in the Fall Semester 1998. The Office of Student Awards will bring the bursaries to the attention of students, and provide the necessary application forms and carry out the selection process as was provided in the motion at the March 12th meeting. Final step in this process will be the approval of the selection by the Retirees' Association.
Social Evening/Dinner A Smashing Success
Congratulations to John LaGaipa for arranging a fine dinner and entertainment of March 21, 1998 at St Clair College. The evening began with a Sniffology Test set up by Joyce and Joseph Habowsky. This game set the tone for the evening. As members strolled in for dinner, they were all caught up in identifying the smell of various liquids in small bottles and of course engaging in conversation. Needless to say that the aim was to get people mingling, meeting new members and renewing old acquaintances . This was achieved.
Following dinner, David Booth's Piano skills and group singing made the evening a delightful one. John was extremely happy at the attendance which doubled all previous such dinners.
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